Coinbase is advancing its efforts within the cryptocurrency ecosystem by supporting native INJ deposits and withdrawals. This transition utilizes Injective's MultiVM infrastructure and represents a crucial milestone for the Layer 1 blockchain as it seeks independence from Ethereum's ERC-20 token format.
The migration is set for July 20 to July 22, 2026. During this timeframe, Coinbase will halt all INJ deposits and withdrawals. This process will convert users’ existing ERC-20 INJ tokens to the new native INJ format on a one-to-one basis and at no charge. Following the migration, the only INJ supported by Coinbase will be the native version.
#What does MultiVM mean for users?
The MultiVM Token Standard developed by Injective enables users to maintain unified token balances across various execution environments, such as EVM and WASM, without having to bridge tokens manually. This technical advancement was outlined on November 10, 2025, as part of a comprehensive vision that facilitates support for multiple virtual machines. Developers can thus create applications in their preferred environments while ensuring liquidity and user experience remain intact, regardless of the chain format.
#How does Coinbase’s support of native INJ compare to others?
While Coinbase is making a significant move, it is not the first exchange to support the native version of INJ. Coinbase Custody began offering support for native INJ in December 2020, paving the way for retail migration. Other exchanges, such as Kraken, accomplished their own migration from ERC-20 to native INJ in 2025, being among the first major platforms to adopt Injective's native chain.
Injective operates as a Layer 1 blockchain designed specifically for decentralized finance, facilitating transactions with low latency and using native order books. The INJ token is essential within its ecosystem for processes like governance, staking, and handling transaction fees.
#What should investors consider?
The enhancement of native token support on Coinbase implies that INJ deposits and withdrawals will be processed directly on Injective's blockchain rather than through Ethereum. This streamlined approach provides significant benefits, consolidating various developers under one framework and ensuring unified liquidity through the MultiVM structure.
For holders of INJ on Coinbase, the essential action is simple: no action is required on your part. The conversion to the native format will occur automatically at a 1:1 ratio without any fees. However, expect a brief period during the migration when deposits and withdrawals will not be accessible.